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Brief market history
In 2017, OpenSea launched as the first NFT marketplace. In 2018, Cryptopunks launched their NFT collection with a marketplace tailored to their collection requirements. In 2020, the DeFi Summer and media attention highlighted Rarible as a tokenized marketplace, alongside Know Origin, Super Rare, Mintable, and Foundation curated marketplaces. The NBA Top Shots Collection also got significant spotlight, due to high volume experienced during this time.
In 2021, Beeple's "Everydays: The First 5000 Days" sold for $69 million at Christie's auction house. NFTX boosted collection liquidity floors, and in May of that year, the Bored Ape Yacht Club launched. The NFT Summer of 2021 started from OpenSea start showing collection floor prices, people trading collections, BAYC surpassing Cryptopunks' floor price, and OpenSea's volume surpassing 1 billion. At that time, OpenSea was practically the only secondary market to trade NFT collections due to their high liquidity.
In January 2022, Looks Rare launched with two main innovations: the ability to make Collection Offers and tokenized liquidity incentives for listings. X2Y2 also launched with a focus on low fees (only 0.5%) and UX designed for high-volume collection trading, as well as the ability to bypass collection royalties.
The Aggregator Era saw the emergence of services such as Genie, which was acquired by Uniswap, providing the best prices among all marketplaces and making flipping easier. Gem was also acquired, in this case, by OpenSea, but all of these services still provide the same UX as the marketplaces. Blur revolutionized the NFT space by bringing a pro trader experience focused on optimizing collection trading, with 0% marketplace fees, the ability to bypass collection royalties, and tokenized incentives.
In July 2022, Sudo Swap launched and brought on-chain and decentralized technology to provide liquidity to NFT collections floors, with 0% of collection royalties and 0.5% of marketplace fees. Sudo Swap's launch opened up two important tendencies in the market: flagged NFTs are equal to not flagged, and on-chain contracts are DeFi technologies different from any other technology provided by OpenSea, X2Y2, Looks Rare, Gem, Genie, Blur, etc., which provide off-chain and centralized technology.